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Goldman Sachs, Morgan Stanley Bring Out Chainsaws

Analysts are expecting Goldman Sachs, scheduled to report Wednesday, to post an earnings per share of $1.46, according to consensus estimates from
Zacks Investment Research
.

Revenues and earnings per share are expected to come in at $6.544 billion and $1.24 per share respectively, according to consensus estimates from
Thomson Reuters.

Estimates for Goldman, in fact, vary quite widely across the Street, ranging from 70 cents on the low end to $2.5 on the upper end, a reflection of just how difficult it is to predict trading revenues.

Barclays Capital analyst Roger Freeman expects Goldman's 2011 income to be its lowest since 1998 and its revenues to be the lowest since 2005.

Morgan Stanley is expected to report a loss of 58 cents per share, according to consensus estimates from
Zacks Investment Research.
.

The company has said it will take a $1.8 billion pre-tax loss in the fourth quarter, arising out of a settlement with bond insurer
MBIA(MBI) over lawsuits related credit default swaps purchased for protection on commercial mortgage-backed securities.